Operator: Good day, ladies and gentlemen and welcome to the Q3 2013 Ventas Earnings Conference Call. My name is Ian and I'll be your operator for today. At this time, all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of the conference. As a reminder, the call is being recorded for replay purposes.

I'd now like to turn the call over to Ms. Lori Wittman, Senior Vice President of Capital Markets and Investor Relations. Please proceed.

Lori Wittman - VP, Capital Markets: Thank you Ian. Good morning, and welcome to the Ventas conference call to review the Company's announcement today regarding its results for the quarter ended September 30, 2013.

As we start, let me express that all projections and predictions and certain other statements to be made during this conference call may be considered forward-looking statements within the meaning of the Federal Securities laws. These projections, predictions and statements are based on the management's current beliefs as well as on a number of assumptions concerning future events. The forward-looking statements are subject to many risks, uncertainties and contingencies, and stockholders and others should recognize that actual results may differ materially from the Company's expectations, whether expressed or implied.

We refer you to the Company's reports filed with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2012, and the Company's other reports filed periodically with the SEC for a discussion of these forward-looking statements and other factors that could affect these forward-looking statements. Many of these factors are beyond the control of the Company and its management. The information being provided today is as of this date only, and Ventas expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any changes in expectations.

Please note that the quantitative reconciliations between each non-GAAP financial measure contained in this presentation and its most directly comparable GAAP measure as well as the Company's supplemental disclosure schedule are available on the Investor Relations section of our website at www.ventasreit.com.

I will now turn the call over to Debra A. Cafaro, Chairman and CEO of the Company.

Debra A. Cafaro - Chairman and CEO: Thanks Lori. Good morning to all of our shareholders and other participants, and thank you for joining Ventas' third quarter 2013 earnings call. I'm happy to be hosting today's call with many of my Ventas colleagues in the room, as we discuss the positive results of their terrific work.

Emmanuel Korchman - Citi Research: Maybe if we can talk about the deal or the deals that you completed this quarter. How many of those encompass sort of the pipeline that you had coming out of Q2? I believe it was $400 million pipeline or what happened to those deals?

Debra A. Cafaro - Chairman and CEO: Those deals are in the $1.3 billion.

Emmanuel Korchman - Citi Research: Do you have a similar sort of pipeline number that you can share with us going forward?

Debra A. Cafaro - Chairman and CEO: As you recall, we provided forward acquisition guidance last time for a specific reason because we had raised the capital in the first quarter. We thought it was important to give you visibility into things that we had under contract because we essentially prefunded those with the capital raises that you could see. So typically we do provide guidance in terms of forward earnings without additional acquisitions or capital transactions and that's what we've done here. But I can assure you as you could tell from my remarks we continue to be very active in looking at potential investment opportunities.

Emmanuel Korchman - Citi Research: Then on the senior housing assets that were transferred to Atria, what kind of upside you typically seen in sort of that type of transfer from maybe a smaller operator to the Atria platform?

Emmanuel Korchman - Citi Research: What kind of upside could we expect to see in – whether it would be that pool of assets or the assets you transfer to Atria the last time?

Debra A. Cafaro - Chairman and CEO: Yes. I mean, we have a competitive advantage when we acquired these kinds of high-quality assets and transitioned them to Atria, because as you know, we own a third of the management company and so we have a slight competitive advantage because we get essentially a third of a management fee. But in addition, we're acquiring very high-quality assets and we would expect those assets to grow kind of 5% plus or minus a percent or two depending on where we are in the market cycle.

Raymond J. Lewis - President: So, Manny this is Ray. Part of the upside in these assets is that they are primarily independent living properties, so the ability to add some additional programing as we move forward could drive some potential upside in those buildings, but that's down the road.

Operator: Juan Sanabria, Bank of America Merrill Lynch.

Juan Sanabria - Bank of America Merrill Lynch: I was just hoping you could give a little bit more of a color or breakdown on the deltas in the guidance for FFO, the $0.05 increase to $4.13. What was related to sort of the acquisition you took the (1.3) and if anything what was related to the change slightly lower I guess range for the same store SHOP portfolio?

Debra A. Cafaro - Chairman and CEO: In general most of the fourth quarter and guidance increase is due to acquisition or some other offsetting things that those sort of come out in the wash, that was principally the benefit of the acquisitions and the very favorable capital raise that we did at the end of the third.

Juan Sanabria - Bank of America Merrill Lynch: What drove the change on the high end of the SHOP same-store guidance? I'm assuming you knew about the third quarter '12 sort of one-time tax, so I'm just a little curious, given it seemed like occupancy was strong and REVPOR was up, why the – the lower range for SHOP assets.